I suggest you call your current insurer and ask if they handle investment property insurance, or if you're using leverage, consult with your mortgage provider. I can refer you to an insurerer or mortgage company if needed.
The benefit I see of a duplex over a fourplex is that you have 2 less tenants to deal with. And if the rent of half a duplex is about the same as 2 units of a fourplex, it would be be preferable.
Good luck! Let me know if I can help.
I think the extra insurance that she was refering to is an liability insurance which is an optional package for you and its not required.
IN my opinion multi residence is always more profitable. Duplex is usually just barely covering expenses!
Please let me know if you need futher information on any duplex or fourplexes in the area.
JP and Associate
Be sure to find a broker/agent that really knows what they are doing/talking about. This is part of your due diligence. It is better to have someone on your side quickly that can help you shorten the time required to learn about the process and avoid common mistakes.
The last thing you want to do is make a purchase that loses money. No investment is guaranteed to make a profit, but you can do a good job of minimizing that risk with the help of an expert.
Brent Rice, Top Recommended Broker
The Rice Group, Inc.
You will want a couple of different insurances...one for the building and likely a personal umbrella policy. Better than asking a realtor though is to ask your insurance agent. They're the experts on insurance and know more about your personal situation.
Although cap rates dont tell you everything, they can help you compare properties of different rents, values, and sizes. Management fees for a duplex should be no different than a 4plex. If you want to hire a property manager, typically is about 10% a month of the rents. It can be negotiable.
I'd probably want to sit and discuss with you the two options and your experience, your goals, your resources etc, before we discuss online which is the better option for you.